Statoil, Wintershall shuffle North Sea offshore interests

Offshore staff

STAVANGER, Norway – Statoil ASA (OSE:STL; NYSE:STO) has agreed with Wintershall to a series of offshore asset transfers in the Norwegian North Sea.

Assuming approval from Norway’s government, Statoil will exit the Brage licenses, farm down in the GDF Suez-operated Gjøa oil and gas field and associated Vega gas-condensate satellites (while remaining operator), and acquire a 15% stake in theEdvard Grieg license near the Johan Sverdrup field.

The deal should bring the company net proceeds of $1.45 billion, and includes a contingent consideration of $100 million relating to production on Vega.

Aside from the extra production, Wintershall would take over operatorship of the Brage field complex. This comprises an integrated accommodation, processing, and drilling installation with about 150 total employees offshore and onshore.

Wintershall chairman Rainer Seele said the deal – expected to close during the second half of next year – would help his company become one of Norway’s leading producers.

By entering the Edvard Grieg license, Statoil will have a working interest in all discoveries in the Utsira High area, all of which are either under development or in the planning phase. These are Johan Sverdrup, Edvard Grieg, Dagny, and Ivar Aasen.

Additionally, Statoil and Wintershall have signed a memorandum of understanding to cooperate on research into increased oil recovery on the Norwegian continental shelf.

10/23/2012